One unicorn and two SPACs are expected to raise a combined $728 million in the week ahead. Online training course provider Pluralsight leads the week and is joined by blank check companies Trinity Merger and VectoIQ Acquisition.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Trinity Merger (TMCXU) Honolulu, HI |
$300M $375M |
$10 30,000,000 |
B. Riley & Co. |
| Blank check company formed by Trinity Investments to acquire a real estate business. | |||
| VectoIQ Acquisition (VTIQU) Mamaroneck, NY |
$200M $256M |
$10 20,000,000 |
Cowen Chardan |
| Blank check company led by former GM execs and focused on smart transportation businesses. | |||
| Pluralsight (PS) Farmington, UT |
$228M $1,525M |
$10 - $12 20,700,000 |
Morgan Stanley JP Morgan |
| Provides online training courses in programming and software development. | |||
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Pluralsight (PL), which offers over 6,700 online training courses to primarily enterprises (82% of 1Q18 billings), is expected to raise $228 million at a $1.5 billion market value. The company addresses a $24 billion market opportunity and has seen accelerating growth, reaching 33% in the 1Q18. That said, its marketing push to gain enterprise customers has resulted in steep losses.
Real estate SPAC Trinity Merger (TMCXU) is looking to raise $300 million at a $375 million market value. CEO Sean Hehir and CFO Kevin Hayahi have led the company's sponsor, Trinity Investments, for 20 years.
Transportation SPAC VectoIQ Acquisition (VTIQU) is expected to raise $200 million at a $256 million market value. CEO Stephen Girsky was previously tapped to lead General Motors' turnaround following its 2009 bankruptcy.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index has returned 2.5% year-to-date, while the S&P 500 is up 2.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Snap (SNAP). The Renaissance International IPO Index is down -0.6% year-to-date, while the ACWX is up 1.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and Samsung BioLogics.
